It is natural to think, if equity release is suitable for you. You will get the answer while considering the nuts and bolts of this financial options that is mostly considered the best of retirement solutions. Here are some eligibility criteria which you need to meet before going ahead -

• You should age in between 55 and 95

• You should have a residential property of your own

• Your property should be valued at a minimum £75,000 in the market

• You should not own a mortgage loan. If you have, it should be repaid by the time you go for equity release

• Your property should be either freehold or leasehold

• You should maintain the property to keep it in good condition

If you meet all of these eligibility criteria, take the next step and that is be clear about why you need an equity release plan. A lump sum for an expensive purchase, home improvement or a trip to some exotic destination, or a monthly income to meet your monthly expenses may be your need. The facts and figures of every equity release plan vary depending on your needs.

If you reason strongly enough to need an equity release plan, get to know the details the plan from all possible sources like the equity release plan is temporary or permanent, is there any disadvantage of the plan, if the value of the plan can pass on your family after your death. Don't forget to check payment options with the equity release plan.